Sections 401 and 679(4).
Change in ownership of company
1. For the purposes of sections 401 and 679(4), there shall be a change in the ownership of a company if -
(a) a single person acquires more than 50 per cent of the ordinary share capital of a company,
(b) 2 or more persons each acquire a holding of 5 per cent or more of the ordinary share capital of the company and those holdings together amount to more than 50 per cent of the ordinary share capital of the company, or
(c) 2 or more persons each acquire a holding of the ordinary share capital of the company, and the holdings together amount to more than 50 per cent of the ordinary share capital of the company, but disregarding a holding of less than 5 per cent unless it is an addition to an existing holding and the 2 holdings together amount to 5 per cent or more of the ordinary share capital of the company.
2. In applying paragraph 1 -
(a) the circumstances at any 2 points in time with not more than 3 years between them may be co
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